How to Record Operating Lease vs Capital Lease in Quickbooks

Are you renting a property or equipment for your business?  Accounting for a lease can be tricky given the recent changes in accounting for these transactions.  Now, you can still account for a lease in two ways—as an operating lease or a capital lease.  Operating Lease Vs. Capital Lease The main difference between an operating…

How to Use Quickbooks for Real Estate: The Basics

Quickbooks is a convenient tool for real estate businesses. Since there are many types of businesses in real estate, your Quickbooks set up will depend on what your exact industry is.  If you are a real estate agent, you may have different accounts compared to someone who is renting out properties or flipping properties. Here’s…

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Categorized as Bookkeeping

Form 5471: What Is It and Do You Need to File One?

Are you a U.S. shareholder of a foreign corporation? If you have been diligently filing all your returns and disclosures, you may be familiar with Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. Form 5471 an information returned filed along with the income tax return of covered individuals. Generally, individuals…

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Categorized as Taxes